Question 1Mr. Goodwill, a sole trader, presents you with the following information to file his income taxreturns which became due and payable on March 15, 2022.Accounting Loss of Jamaican Two Hundred and Sixty Thousand Dollars (J$260,000) aftercharging the following:i. Depreciationii.III.iv.V.$1,370,000$50,000 monthly$1,500,000Other relevant information presented to you by Mr. Goodwill are:The building from which he operates is a new, non-industrial one constructed of wood,purchased in 2021 for $800,000.vi.Rent relating to rental of business premisesDrawingsSalary for Mr. Goodwill of $2,000,000 per annum- P24 prepared by the accountant reflectsthat PAYE of $109,976 has been paid over to the Collector of Taxes on his behalf. (Note:Assume no other taxes have been paid for him)He has a trade vehicle, purchased in 2015 for JS1,500,000 and a private vehicle, purchasedin 2021 for J$1,000,000. Both vehicles qualify for the maximum available capitalallowance as appropriate.Required:Compute all taxes payable by Mr. Goodwill for year of assessment 2021 showing all relevantcomputations.

The total tax payable by Mr. Goodwill is $137,524 Explanation for the same: Under Jamaican Taxation…

Answered: Compute all taxes payable by Mr.…

Business

Finance

Compute all taxes payable by Mr. Goodwill for year of assessment 2021 showing all relevant computations.

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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